AMG Critical Materials N.V. · EURONEXT:AMG
AMG Critical Materials — Q3 2026 Earnings Presentation
27 slides from AMG Critical Materials's earnings presentation, November 2026
Slide 1: AMG Critical Materials: It's in the Name
AMG CRITICAL MATERIALS: IT’S IN THE NAME Investor Presentation | Third Quarter 2026 AMG Critical Materials in the Periodic Table of Elements 1
Slide 2: Table of Contents
TABLE OF CONTENTS Strategic Update 3 Financial Performance 4 Operational Highlights 13 Appendix 16 Appendix: Lithium Market Update 21 AMG Engineering – Hanau, Germany 2
Slide 3: Strategy Snapshot
STRATEGY SNAPSHOT • AMG Lithium is continuing engineering a 5,000-ton lithium carbonate to lithium hydroxide conversion plant at its Bitterfeld site. This plant will be designed to accept recycled lithium carbonate and convert it to technical-grade hydroxide for use in Bitterfeld’s main upgrading fa
Slide 4: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS REVENUE (IN MILLIONS OF US DOLLARS) ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) $91.7 $522.7 $446.1 $471.5 $77.5 $434.7 $446.6 $63.6 $44.2 8% $42.9 22% YoY YoY Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 NET INCOME (LOSS) ATTRIBUTABLE TO KEY H
Slide 5: Quarterly Revenue Drivers
QUARTERLY REVENUE DRIVERS LITHIUM SEGMENT RESULTS KEY DRIVERS Q3 2026 Q3 2025 Price Volume Revenue $97.6 $32.7 Lithium Adjusted Gross Profit $35.7 $3.9 Tantalum VANADIUM SEGMENT RESULTS KEY DRIVERS Price Volume Q3 2026 Q3 2025 Vanadium Revenue $196.9 $154.0 Titanium Alloys Adjusted Gross Profit $22.
Slide 6: Financial Performance, Leverage & Valuation Dashboard
FINANCIAL PERFORMANCE, LEVERAGE & VALUATION DASHBOARD • In July 2026, AMG refinanced its 5-year METRIC Q3 2026 FY 2025 $200 million revolving credit facility and issued Return on Assets 0.9% -0.6% a new 7-year $500 million Term Loan B to Return on Capital Employed 14.2% 13.2% refinance the existing
Slide 7: AMG Lithium Financial Highlights
AMG LITHIUM FINANCIAL HIGHLIGHTS REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) $114.3 $97.6 36.6% Adjusted 26.2% Adjusted $61.4 $60.6 gross profit EBITDA $36.7 increased $34 $35.7 increased $32 $32.7 $31.4 million vs. 11.8% million vs. Q3 ‘25
Slide 8: AMG Vanadium Financial Highlights
AMG VANADIUM FINANCIAL HIGHLIGHTS REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) $218.3 $40.2 $196.9 $181.1 $154.0 $156.5 $32.8 $25.5 $25.5 Revenue $22.9 Q3 ’26 increase sustained $19.5 $20.9 28% vs. $15.4 18.4% $16.0 16.6% strong Q3 ‘25 14.1%
Slide 9: AMG Technologies Financial Highlights
AMG TECHNOLOGIES FINANCIAL HIGHLIGHTS REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) $248.0 $58.6 $228.6 $204.5 $50.5 $190.1 $46.0 $177.0 $40.8 $37.8 Revenue Q3 ’26 $41.2 was 29% sustained $30.7 $27.4 lower than 23.6% 22.1% 24.2% 23.1% $24.8 1
Slide 10: Key Corporate Income Statement Items
KEY CORPORATE INCOME STATEMENT ITEMS SG&A EXPENSES (IN MILLIONS OF US DOLLARS) NET FINANCE COST (IN MILLIONS OF US DOLLARS) $62.0 $58.8 $57.6 $19.6 $55.8 $51.2 $13.3 $12.7 $17.1 $13.6 $8.7 $15.4 $14.4 $14.8 SG&A $13.5 $17.8 $17.1 $19.3 $19.0 expenses $17.4 increased 11% vs. 36% Q3 ‘25 $24.8 $27.7 $2
Slide 11: Cash Flow and Working Capital
CASH FLOW AND WORKING CAPITAL CASH (USED IN) FROM OPERATING ACTIVITIES NET DEBT (IN MILLIONS OF US DOLLARS) (IN MILLIONS OF US DOLLARS) $80.7 $580.8 $543.7 $509.1 $54.6 $469.4 $440.2 $0.7M $74M YoY YoY ($6.9) ($6.2) ($31.3) Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 ANNUAL
Slide 12: Outlook
OUTLOOK • AMG projects capital expenditures to be approximately $70 to CAPITAL $90 million for full year 2026, primarily driven by the targeted EXPENDITURES growth investments in the Vanadium and Lithium segments. • Our lithium and tantalum mine in Brazil is doing extremely well, supported by excell
Slide 13: Operational Highlights
OPERATIONAL HIGHLIGHTS Thermal Barrier Coating for aerospace turbine blades. ALD Vacuum Technologies GmbH (Hanau, Germany) 13
Slide 14: Operational Highlights
OPERATIONAL HIGHLIGHTS AMG is effectively progressing in its strategic expansions and joint ventures, maintaining strong momentum across its lithium and vanadium operations while advancing key projects aimed at enhancing global resource recovery and market reach. LITHIUM EXPANSION NEW CHROME METAL S
Slide 15: Health and Safety Focus
HEALTH AND SAFETY FOCUS Safety Indicators AMG compares itself to the industry average for Primary Metal Manufacturing (NAICS 331). The most recent data provided in 2024 by the United States Bureau of Labor Statistics reports that the Primary Metal Manufacturing industry’s total recordable case rate
Slide 16: Appendix
APPENDIX AMG Vanadium – Zanesville, Ohio, USA 16
Slide 17: AMG Provides Critical Materials to Advance a Less Carbon-Intensive World
AMG PROVIDES CRITICAL MATERIALS AND RELATED PROCESS TECHNOLOGIES TO ADVANCE A LESS CARBON-INTENSIVE WORLD A GLOBAL IMPERATIVE AMG’S ENABLED CO2 EMISSION REDUCTIONS FOR THE 21ST CENTURY (Million MT) AMG: 2025 128.2 ENABLING TECHNOLOGIES 2024 113.6 Products and processes saving 2023 110.3 CO2 emission
Slide 18: Critical Materials — Average Quarterly Market Prices
CRITICAL MATERIALS — AVERAGE QUARTERLY MARKET PRICES Q3 Q3 OCT 28, 2026 Q3 ‘26 VS. Q3 SPOT VS. Q3 MATERIALS 2026 2025 SPOT ‘25 % CHANGE ‘26 % CHANGE Ferrovanadium ($/lb) $16.41 $14.13 $14.75 16% (10%) CRU Molybdenum ($/lb) $33.00 $24.45 $32.70 35% (1%) S&P Global Platts Nickel ($/MT) $16,567 $15,009
Slide 19: Critical Materials — Full Year and Current Spot Prices
CRITICAL MATERIALS — FULL YEAR AND CURRENT SPOT PRICES AVG AVG OCT 28, 2026 AVG ‘25 VS. AVG SPOT VS. AVG MATERIALS 2025 2024 SPOT ‘24 % CHANGE ‘25 % CHANGE Ferrovanadium ($/lb) $14.15 $13.13 $14.75 8% 4% CRU Molybdenum ($/lb) $22.14 $21.30 $32.70 4% 48% S&P Global Platts Nickel ($/MT) $15,155 $16,80
Slide 20: Profit for the Period to Adjusted EBITDA Reconciliation
PROFIT FOR THE PERIOD TO ADJUSTED EBITDA RECONCILIATION (000’s USD) Q3 2026 Q3 2025 Profit for the period $24,869 $13,747 Income tax expense 18,328 7,148 Net finance cost 19,593 14,365 Equity-settled share-based payment transactions 1,938 1,506 Gain on sale of AMG Graphite (25,553) – Inventory cost
Slide 21: Appendix: Lithium Market Update
APPENDIX: LITHIUM MARKET UPDATE Lithium Hydroxide battery-grade refinery - Bitterfeld, Germany 21
Slide 22: Global EV Sales YTD September at +3% YoY
GLOBAL EV SALES YTD SEPTEMBER AT +3% YOY, AVERAGE PACK SIZE INCREASED BY +9%, GWH Quarterly electric car sales by region in GWh, 2021-2026 350 * 300 250 200 150 100 50 0 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 2021 2022 2023
Slide 23: EV Market Development 2021-2026: China
EV MARKET DEVELOPMENT 2021-2026: CHINA New Electric Vehicle NEV / BEV / PHEV market New Electric Vehicle Sales in China (incl. penetration (incl. Exports) Exports) 10,000 NEV 70% 200 60% 180 160 50% 140 40% 120 100 30% 80 20% 60 40 10% 20 0% 0 Sep Mar May Sep Mar May Sep Mar May Sep Mar May Sep Mar
Slide 24: Battery Market Development 2022-2026: China
BATTERY MARKET DEVELOPMENT 2022-2026: CHINA Battery Production China per Quarter (GWh) Battery Sold + Exported China per Quarter (GWh) 800 63% 600 52% 700 500 600 400 500 400 300 300 200 200 100 100 - 0 Qrtl1 Qrtl2 Qrtl3 Qrtl4 Qrtl1 Qrtl2 Qrtl3 Qrtl4 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026
Slide 25: BESS with Another Strong Year
BESS WITH ANOTHER STRONG YEAR – 2026 INSTALLATIONS EXPECTED TO GROW AGAIN 30-45% BESS cell shipments and installations in GWh 600 +76% 500 400 +53% +44% 300 200 +55% 100 0 2023 2024 2025 cell shipments installations 20% 2020 10% 2022 2025 7% Source: Benchmark Minerals / RhoMotion 25
Slide 26: Cautionary Note
CAUTIONARY NOTE This document contains proprietary information and is being provided solely for information purposes by AMG Critical Materials N.V. (The “Company”) and may not be reproduced in any form or further distributed to any other person or published, in whole or in part, for any purpose, exc
Slide 27: Everything that can be recycled will be recycled
LITHIUM HYDROXIDE – BITTERFELD, GERMANY LIVA BATTERY LITHIUM LAB MINAS GERAIS – BRAZIL LITHIUM TAILINGS This announcement appears as a matter of record. ENGINEERING – HANAU, GERMANY AMG’s LAW: “Everything that can be recycled will be recycled.” MELTSHOP – ZANESVILLE, OHIO AMG Critical Materials N.V.
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